The City recognizes the economic value of real placemaking and integrates programs along with strategic investments in infrastructure to encourage private development. The City’s economic development policies and planning initiatives incorporate land use, infrastructure and connectivity, which facilitate opportunities for these vital areas to flourish. These considerations are critical for the future of Germantown due to limited land and resources. The resulting tax base, workforce, property values and quality of life are a reflection of its success. By creating a vibrant city center and facilitating other strategic investments, the City gives people a reason to come to Germantown and to return for the Germantown experience.

An increase in Germantown's commercial property values decreases the City's dependency on residential property tax. The City continues to focus on economic policies for mixed use and higher densities within key commercial areas creating a more sustainable and balanced tax base.

Analysis

The criteria used for this measure was to compare commercial real property tax revenue to total property tax revenue. When looking at the total actual commercial tax revenue and comparing fiscal year 2017 to fiscal year 2018, there was a 21% increase. In fiscal year 2018, the commercial tax base revenue made up 22.52% of the total property tax revenue. By seeing a percentage increase in this measure, it shows that there is less of an dependency on the residential property tax and a little more on the commercial property tax.

New construction and redevelopment of existing structures within the City's key commercial areas is a key indicator of policies supporting (re)investment. This is determined by the value of the building permits for each quarter.

Analysis

The City continues to see increased growth in the number of projects through the end of first quarter of FY19, including the construction of the Campbell Clinic expansion, and increased values of projects over time; however, these projects can be dependent on many variables, including seasonal weather disruptions. Projects both large and small take time to construct after approvals; however, a drop over multiple fiscal years in value of new construction in key commercial areas would indicate a need to look further at why new projects are not moving forward.

Job growth is an indicator of expansion in the economy. This measure represents an increase in the economic opportunities and available jobs in Germantown.

Analysis

Germantown job growth reflects the rate at which the overall economy is creating and filling new jobs within the City. Moving from recession to recovery, the City continues to add new jobs to its local economy. The City monitors any drop in job growth over several quarters that would indicate a need to investigate the local and national patterns to determine if there are any steps that can be taken in the City to reverse the trend. As of 1st quarter of fiscal year 2019, the City has 19,560 jobs. As more businesses moves in and out of Germantown, this number will fluctuate throughout each quarter.

This measure is intended to track the growth in residential property and values within the key commercial areas of the City of Germantown. The median residential property value is the midway point of all the houses/units sold at market price (or sold amount) over a set period (monthly, yearly, quarterly, etc.). One half of the homes are higher in price and the other half of the homes are lower in price.

Analysis

There is no data to report at this time. Residential properties in key commercial areas are currently under development and construction. It is anticipated that the first homes (43 lots) and multifamily units (278 units) will be on the tax rolls in fiscal year 2019.

When looking at neighborhood home prices, the median price is usually the best reflection of a typical home price since it will not be affected by a few very expensive or lower priced homes in the sample.

Analysis

Median home prices continue to hold their value or rise in Germantown as homes hold their value and the supply remains low. As new developments are completed and homes are added to the inventory the City expects this trend to continue. However, if there is a drop in median home price over fiscal years it would indicate a need to investigate the change locally and the City will work with the real estate community to determine the driving factor. As of fiscal year 2018, the median home price in Germantown is $386,404. There has been a gradual increase over the years. Looking at fiscal year 2013 versus fiscal year 2018, there was a 18.85% increase.